Disclosure: The opinions expressed herein are those of Pecaut & Company ("Pecaut") and are subject to change without notice. This material is not financial advice or an offer to sell any product. Pecaut reserves the right to modify its current investment strategies and techniques based on changing market dynamics or client needs and there is no guarantee that our assessment of investments will be accurate. Pecaut is an independent investment adviser registered under the Investment Advisers Act of 1940, as amended. Registration does not imply a certain level of skill or training. More information about Pecaut including our investment strategies, fees and objectives can be found in our ADV Part 2, which is available upon request.